Building Permits Hold Steady Despite Slide in Housing Starts

Residential construction failed to find even footing in September, with housing starts declining and single-family building permits pulling back, while total permits held nearly steady and completions edged higher. This week's Census Bureau data highlights weakness in new construction, particularly on the single-family side, while starts and completions were comparatively stable. Privately owned housing starts fell 5.2% to a seasonally adjusted annual rate of 1.221 million , down 7.4% from September 2025. Single-family starts declined 4.6% to 859k , and multi-family came in at 349k . Building permits were more stable, slipping just 0.2% to an annual rate of 1.400 million , although they were 3.0% below the September 2025 pace. Single-family authorizations fell 4.0% to 845k , while multi-family permits rose to 503k . The contrast between total permits and single-family authorizations suggests that the overall pipeline for future construction was relatively steady, even as the single-family segment weakened. Multi-family permits accounted for a larger share of total authorizations in September, though monthly figures can fluctuate considerably in that segment. Housing completions bounced back from last month, and increased 2.2% to a seasonally adjusted annual rate of 1.192 million , still 14.0% below the September 2025 rate. Single-family completions slipped 2.4% to 840k , multi-family completions came in at 339k .